Choose a Business Mentor wisely: here’s How and Why

Jo(e) left paid employment of over $100k pa to start a business and become “the boss” and to be in control of  time and have more hours in the  day. Little did Jo(e) know the challenges to be faced!

The business had been going over 2 years and Jo(e) now has clients, a website an outsourced VA, CRM and accounting systems. Jo(e) spends a lot of time on social media and LinkedIn promoting the business and of course servicing clients.

Each month however there is a worry about paying the bills and Jo(e) realises that profits are nowhere near $100k pa and the working week is generally 6-7 days and nights,  not the 9 to 5 of previous paid employment.

Jo(e) decided it was time to talk with a trusted advisor, it was time to develop the  business structure  and to take the business to the next level. He wanted someone to guide and challenge Jo(e)s thinking about what needed to be done right now and into the future to ensure the business was built on  foundations that were already in place.

Financial forecasts would be invaluable... but who to turn to? Where was someone other than family or friends with business experience who could would review and challenge the current situation to test if the business is viable and capable of returning an income equal to the effort and risk Jo(e) is taking.

The first thing Jo(e) and the business mentor, did was to the specific elements of what the business does, who should be targeted and who could be collaborated with and then how to go about it.

Jo(e) found the sessions with the mentor was a way of having a 2 way conversation rather than the circular thinking that had previously held the business back. Finding clarity meant actioning the following key factors which influence business outcomes:

Business purpose, target market, the client problem to be solved, how do I price my effort, risk and value to others, learning from the competition, is the business financially viable, why choose me, will I get paid, what resources do I need, I have limited money, who can I collaborate with?

Testing Jo(e)s business proposition, posture, viability and Jo(e)s “Why” was confronting however it  lead to change,…but “good change”. Jo(e) now has clarity of action and direction and purpose and accountability with measurable tangible outcomes and profits are now trending to be a real reward for effort and risk.

The first step in selecting a business mentor is to road test more than one. You need to find the right person, the right chemistry and a willingness to listen, challenge and be outcome focussed.

Give Leigh Powell of YTM, a call on 0422601950 or contact him via LinkedIn for a no obligation catch up to gain a different but respectful perspective on your business and how you could deliver “good change” outcomes over the coming financial year.